wedu limited guarantee)...wedu limited (a company limited by guarantee) trustees' report...

Registered number: 08073629Charity number: 1149494

Wedu Limited

(A company limited by guarantee)

Unaudited

Trustees' report and financial statements

For the year ended 31 May 2016

Wedu Limited


Contents

Page

Reference and administrative details of the charity, its trustees and advisers

Trustees' report 2-5

Independent examiner's report 6-7

Statement of financial activities

Balance sheet

Notes to the financial statements 10-14

Wedu Limited


Reference and administrative details of the company, its trustees and advisersFor the year ended 31 May 2016

Trustees

Mr Mario FerroMs Mari SawaiMs Audrey Mandela (appointed 14 April 2016)

Company registered number

08073629

Charity registered number

1149494

Registered office

International House124 Cromwell RoadKensingtonLondonSW7 4ET

Company secretary

Long Zhao

Accountants

Kreston Reeves LLP37 St Margaret StreetCanterburyKentCT1 2TU

Page 1

Wedu Limited


Trustees' reportFor the year ended 31 May 2016

The Trustees present their annual report together with the financial statements of Wedu Limited for the financialyear from 1 June 2015 to 31 May 2016.

Since the Charity qualifies as small under section 363, the strategic report required of medium and largecompanies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is notrequired.

Objectives and Activities

a. Policies and objectives

Wedu unlocks the leadership potential of young women in Asia by providing mentorship for leadershipdevelopment and financial support to complete higher education.

b. Activities for achieving objectives

Wedu's key resource is people, and hiring and impact monitoring are the most important key activities. Thanksto the presence of the Wedu Thailand Foundation in Bangkok, we have been able to attract remarkable talentfrom all over the world. Our international mix, however is such that we experience a high turnover for the talent"going back home". While this is a problem common to organizations similar to Wedu in Thailand, Wedu will takeextraordinary steps to minimize the exposure to the risks related to turnover.

Wedu will stay focused on the two pillar activities of leadership training and financing for education. We will stayfocused on these activities until high level of mastery is achieved and the expected productivity gains materialise.At that point, should a remarkable opportunity to achieve social impact appear in contiguous areas, Wedu wouldconsider engaging.

Page 2

Wedu Limited


Trustees' report (continued)For the year ended 31 May 2016

Achievements and performance

a. Review of activities

Impact

As of May 2016, Wedu is serving 250+ Rising Stars, coming from over 15 countries in Asia and representingdiverse aspirations for social impact and a diverse age group.

We were able to grow more than two and half times in size primarily through word of mouth in the communitieswe are working in. This is witness to the quality of the service we provide and the need of local communities forthe service we offer.

Wedu's impact is not limited by growth in size. We are becoming more sophisticated in the definition of impactand in our ability to gather insighfful data to drive the development of our program.

Most inspiringly, we are witnessing the transformation of the Rising Stars who have been in the program for oneyear or longer. While such transformations are hard to translate in numbers they represent stories of inspirationfor the Wedu team to keep going, for our partners to keep supporting us and for other young women to join themovement.

Team

While we have been able to almost double team size and bring on board critical skills, we still find difficulties in

hiring Thai talent, despite having a Thai legal entity.

We have started hiring more managers, as per plan of the past year and we will continue until each of our keyactivities is overseen by a talented individual fully dedicated to it.

High turnover is a concern. While this is still much lower than in the early days of Wedu, it is still not at adesirable level and we will keep exploring hiring and retaining strategies aimed at minimising turnover.

Fundraising

We have been able to more than double our fundraising in the year and we have plans to continue this trend in

the coming year. Most importantly, we are pursuing a diversified fundraising strategy and expanding partnershipswith corporations.

Partnerships and recognition

Wedu is for one more year a member of the Clinton Global Initiative and we are on track to achieve ourcommitment to reach 1,000 Rising Stars by 2018 and launch the first Future Income Sharing Agreement (FISA)fund in Asia.

Page 3

Wedu Limited



Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequateresources to continue in operational existence for the foreseeable future. For this reason they continue to adoptthe going concern basis in preparing the financial statements.

b. Reserves policy

Wedu keeps increasing the sophistication of our financial management and ability to build and manage reserves.

The reserves at 31 May 2016 stood at F21,539 (2015:F43,206).

Structure, governance and management

a. Constitution

The Charity is registered as a charitable company limited by guarantee and was set up by a Memorandum ofAssociation on 25/04/2012.

The Charity is constituted under a Memorandum of Association dated 25/04/2012 and is a registered charitynumber 1149494.

The principal object of the Charity is to provide a leadership development programme for women in Asia.

b. Method of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under theterms of the Articles of Association.

c. Organisational structure and decision making

Wedu is a UK registered Charity number 1149494 incorporated as Wedu limited in May 2012.

Wedu has identified inspiring new members to the board of directors. They will join as of the coming fiscal year.

Wedu has been able to expand our board with a new director and we will continue to seek inspiring andcommitted individuals that can help Wedu grow further.

The Wedu Thailand Foundation, Wedu's sister entity in Thailand which manages field programs, is now fullyoperational with an established office and team. This is proving critical to be able to continue growing in size andsophistication of activities. Mario Ferro still sits on that board providing a strategic bridge, which is expected tocontinue for the foreseeable future.

Wedu's strategic partnership with the King Baudouin Foundation has been very productive in helping us increaseour funding base in the Unites States of America and is expected to continue.

In the coming fiscal years, Wedu will take steps to lay the foundations to become a multi-country and multi-entityglobal group with reach across Asia, coordinated action and reporting.

Page 4

Wedu Limited



Plans for future periods

a. Future developments

We are on track to achieve our CGI commitment to reach 1,000 Rising Stars by 2018. We are particularlycommitted to increase the quality of the service provided and are allocating significant resources to hiringIylanagers and planning to establish training for staff to prepare to scale up even more in the coming years.

We aim to experiment further with corporate partnerships for both financial and operational purposes, as wesee large potential in increasing our capabilities related to talent development in the corporate space.

We aim to increase the use of technology in order to automate processes as much as possible as well asgather relevant data on user experiences to inform the evolution of our services.

This report was approved by the Trustees ond& I l ~and signed on their behalf by:

Mr IN Ferro

Page 5

Wedu Limited


Independent examiner's reportFor the year ended 31 May 2016

Independent examiner's report to the Trustees of Wedu Limited

I report on the financial statements of the company for the year ended 31 May 2016 which are set out onpages 8 to 14.

This report is made solely to the company's Trustees, as a body, in accordance with section 145 of the CharitiesAct 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might stateto the company's Trustees those matters I am required to state to them in an Independent examiner's report andfor no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyoneother than the company and the company's Trustees as a body, for my work or for this report.

The financial statements have been prepared in accordance with Accounting and Reporting by Charitiespreparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republicof Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of RecommendedPractice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the GenerallyAccepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

Respective responsibilities of Trustees and examiner

The Trustees, who are also the directors of the company for the purposes of company law, are responsible forthe preparation of the financial statements. The Trustees consider that an audit is not required for this year undersection 144(2) of the Charities Act 2011 (the Act) and that an independent examination is needed.

Having satisfied myself that the company is not subject to audit under charity or company law and is eligible forindependent examination, it is my responsibility to:

~ examine the financial statements under section 145 of the Act;

~ follow the procedures laid down in the general Directions given by the Charity Commission under section145(5)(b) of the Act; and

~ state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. Anexamination includes a review of the accounting records kept by the company and a comparison of the financialstatements presented with those records. It also inc(udes consideration of any unusual items or disclosures inthe financial statements, and seeking explanations from you as Trustees concerning any such matters. Theprocedures undertaken do not provide all the evidence that would be required in an audit, and consequently noopinion is given as to whether the financial statements present a 'true and fair view' and the report is limited tothose matters set out in the statement below.

Page 6

Wedu Limited


Independent examiner's report (continued)For the year ended 31 May 2016

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

~ to keep accounting records in accordance with section 386 of the Companies Act 2006; and

~ to prepare financial statements which accord with the accounting records and comply with theaccounting requirements of section 396 of the Companies Act 2006 and with the methods andprinciples of the Statement of Recommended Practice: Accounting and Reporting by Charities

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of thefinancial statements to be reached.

Signed: Dated: 2 I f'~g 2 Gt")

Peter Manser FCA DChA

37 St Margaret's StreetCanterburyKentCT1 2TU

Page 7

Wedu Limited


Statement of financial activities incorporating income and expenditure accountFor the year ended 31 May 2016

Unrestrictedfunds2016

NoteIncome from:

Totalfunds2016

f

Totalfunds2015

f

Charitable activitiesInvestments

Total income

2 126,623 126,623 64,0753 4 4 32

126,627 126,627 64,107

Expenditure on:Charitable activities

Total expenditure

148,296 148,296 69,133

148,296 148,296 69,133

Net movement in funds

Reconciliation of funds:Total funds brought forward

(21,669) (21,669) (5,026)

43,208 43,208 48,234

Total funds carried forward21,539 21,539 43,208

All activities relate to continuing operations.

The notes on pages 10 to 14 form part of these financial statements.

Page 8

Wedu Limited

(A company limited by guarantee)Registered number: 08073629

Balance sheetAs at 31 May 2016

Note2016

F2015

Current assetsDebtors

Cash at bank and in hand

1,056

29,7831,056

52,629

Creditors: amounts falling due within oneyear

Net current assets

Total assets less current liabilities

Creditors: amounts falling due after morethan one year

30,839

(8,244)

22,595

22,595

(1,056)

53,685

(9,421)

44,264

44,264

(1,056)

Net assets 21,539 43,208

Charity FundsUnrestricted funds

Total funds

21,539

21,539

43,208

43,208

The Trustees consider that the company is entitled to exemption from the requirement to have an audit underthe provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required thecompany to obtain an audit for the year in question in accordance with section 476 of the Act.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved by the Trustees on PC@ 'Lr, ~ tgbehalf, by:

and signed on their

Mr M Ferro

The notes on pages 10 to 14 form part of these financial statements.

Page 9

Wedu Limited


Notes to the financial statementsFor the year ended 31 May 2016

Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting byCharities: Statement of Recommended Practice applicable to charities preparing their accounts in

accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standardapplicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006

Wedu Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities areinitially recognised at historical cost or transaction value unless otherwise stated in the relevantaccounting policy

1.2 Reconciliation with previous Generally Accepted Accounting Practice

In preparing these accounts, the Trustees have considered whether in applying the accountingpolicies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparativeitems was required.

No restatements were required.

1.3 Company status

The company is a company limited by guarantee. The members of the company are the Trusteesnamed on page 1. In the event of the company being wound up, the liability in respect of theguarantee is limited to L'1 per member of the company.

1.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees infurtherance of the general objectives of the company and which have not been designated for otherpurposes.

1.5 Income

All income is recognised once the company has entitlement to the income, it is probable that theincome will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant isrecognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investmentincome is receivable.

1.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measuredreliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

Page 10

Wedu Limited



Accounting policies (continued)

1.7 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economicbenefit to a third party, it is probable that a transfer of economic benefits will be required insettlement and the amount of the obligation can be measured reliably. Expenditure is classified byactivity. The costs of each activity are made up of the total of direct costs and shared costs,including support costs involved in undertaking each activity. Direct costs attributable to a singleactivity are allocated directly to that activity. Shared costs which contribute to more than one activityand support costs which are not attributable to a single activity are apportioned between thoseactivities on a basis consistent with the use of resources. Central staff costs are allocated on thebasis of time spent, and depreciation charges allocated on the portion of the asset's use.

Charitable activities are costs incurred on the company's educational operations, including supportcosts and costs relating to the governance of the company apportioned to charitable activities.

1.8 Going concernThe financial statements were prepared on the going concern basis.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered.Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a shortmaturity of three months or less from the date of acquisition or opening of the deposit or similaraccount.

1.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a pastevent, it is probable that a transfer of economic benefit will be required in settlement, and theamount of the settlement can be estimated reliably. Liabilities are recognised at the amount that thecompany anticipates it will pay to settle the debt or the amount it has received as advancedpayments for the goods or services it must provide. Provisions are measured at the best estimate ofthe amounts required to settle the obligation. Where the effect of the time value of money ismaterial, the provision is based on the present value of those amounts, discounted at the pre-taxdiscount rate that reflects the risks specific to the liability. The unwinding of the discount isrecognised within interest payable and similar charges.

1.12 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financialinstruments. Basic financial instruments are initially recognised at transaction value andsubsequently measured at their settlement value with the exception of bank loans which aresubsequently measured at amortised cost using the effective interest method.

Page 11

Wedu Limited



2. Voluntary Income

Grants

Totalfunds

20166

126,623

126,623

Totalfunds2015

64,075

64,075

3. Investment income

Investment income

Totalfunds2016

Totalfunds2015

32

4. Direct costs

ScholarshipsStaff wagesTravel 8 subsistenceRental officeBank chargesSundry expenses(Profit)/loss on exchange rateScholarship researchGrant to sister company

Totalfunds

20166

15,63110,18112,961

1,43635725

1,00699,495

Totalfunds2015

F

10,05324,635

4,868818414910

(702)400

24,977

141,092 66,373

5. Support costs

AccountancyProfessional fees

Totalfunds2016

61,3205,884

Totalfunds2015

6

1,800960

7,204 2,760

Page 12

Wedu Limited



6. Debtors

Due after more than one yearOther debtors

2016

1,056

2015E

1,056

Included within other debtors are amounts due from students, when they start working and start earningsufficient income, this will be repaid to Wedu Limited. This is expected to be no earlier than 2018.

7. Creditors: Amounts falling due within one year

Other creditorsAccruals and deferred income

2016f

6,9241,320

2015E

8,1011,320

8,244 9,421

8. Creditors:Amounts falling due after more than one year

Other creditors

20166

1,056

2015

1,056

9. Summary of funds

General funds

BroughtForward

R

43,208

Income Expenditure6 K

126,627 (148,296)

CarriedForward

f21,539

Page 13

Wedu Limited



10. Analysis of net assets between funds

Totalfunds2016

Totalfunds2015

Debtors due after more than 1 yearCurrent assetsCreditors due within one yearCreditors due in more than one year

1,05629,783(8,244)(1,056)

1,05652,629(9,421)(1,056)

21,539 43,208

11. Related party transactions

During the year grants amounting to E99,495 (2015: F24,977) have been made to a foundation based inThailand (Wedu) undertaking the same charitable activities as Wedu Limited, providing grants to womenin Asia. Mr M Ferro, a Trustee of Wedu Limited, is also on the Board of Trustees of the foundation inThailand.

At 31 May 2016 there were balances owing to the Trustees as follows:

Mr M Ferro K1,913 (2015:F3,090)Ms M Sawai 65,010 (2015:E5,010)

12. First time adoption of FRS 102

It is the first year that the company has presented its financial statements under SORP 2015 and FRS102. The following disclosures are required in the year of transition. The last financial statements preparedunder previous UK GAAP were for the year ended 31 May 2015 and the date of transition to FRS 102 andSORP 2015 was therefore 1 June 2014. As a consequence of adopting FRS 102 and SORP 2015, anumber of accounting policies have changed to comply with those standards.

The policies applied under the company's previous accounting framework are not materially different toFRS 102 and have not impacted on funds or net income/expenditure.

Page 14

wedu limited guarantee)...wedu limited (a company limited by guarantee) trustees' report...

Documents